Polarcus Limited (Norwegian OTC List: PLCS) today announced its first quarter 2009 unaudited financial statements.
Highlights in the first quarter 2009:
- USD 53 million realized savings compared to CAPEX and SG&A budget.
- Total CAPEX of USD 270 million at the end of the period.
- Agreement signed with ION subsidiary GX Technology Corporation for seismic data quality control and data processing services.
- 67 employees had started employment by end of Q1, including 15 field staff, in line with plan.
Download the first quarter financial statements (PDF 0.5MB)
Rolf Ronningen, CEO Polarcus, +971 4 436 0800
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800
Polarcus is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from pole to pole. Polarcus is launching an ultra-modern fleet of initially 6 advanced seismic vessels designed by Norway's Ulstein Design AS incorporating the innovative ULSTEIN X-BOW® hull. The vessels are being built in Dubai, UAE, by Drydocks World - Dubai LLC, with the first vessels becoming operational in 2009. www.polarcus.com